Certified Government Financial Manager (CGFM) Practice Exam 2026 - Free CGFM Practice Questions and Study Guide

Question: 1 / 875

Which group serves as an advisor to the GASB?

Government Accounting Standards Advisory Council (GASAC)

The Government Accounting Standards Advisory Council (GASAC) plays a crucial role in advising the Government Accounting Standards Board (GASB) on various matters related to governmental accounting and financial reporting. This includes providing input on the needs and concerns of stakeholders, which can encompass governments, auditors, and financial statement users.

The GASAC is responsible for ensuring that the standards developed by the GASB address the relevant issues and complexities faced in the governmental financial reporting environment. This advisory capacity is essential as it helps the GASB understand the implications of its standards and guides the board in prioritizing its work to maximize relevance and utility for users of governmental financial statements.

This focused and informed input facilitates a more comprehensive and effective set of accounting standards, which is vital for transparency, accountability, and the overall enhancement of governmental financial reporting.

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National Council on Government Accounting (NCGA)

Financial Accounting Standards Board (FASB)

American Institute of CPAs (AICPA)

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